Get free money for your child’s education with a RESP

Benefits of Kids Insurance

Who doesn’t love free money?! And especially when you get in for your RESP – a great way to finance your kid’s education! Read on to know how you can enjoy free money with a RESP.

What is an RESP?

 A registered education savings plan (RESP) is a great way to save money for your child’s post-secondary education. It is a comprehensive plan that can be initiated by any immediate family member like a parent or grandparent and can get contributions from anybody.

What’s more, if unused it can be converted into a RRSP, considering the plan owner is under the age of 71.

How do I get free money on my RESP?

 With a combination of government grants, you are eligible to obtain some free money! Here’s are some of the best grants to use:

  1. CESG – The Canadian Education Savings Grant allows you to get 20% every year on the first $2500 you have deposited. This can be accumulated up to a maximum of $7200. It’s almost $500 a year!
  2. CLB – The Canadian Learning Bond is another great way to spruce up the free money as well. If your net family income falls below the threshold of $45000, then you are eligible for this grant. For the first year of application, you will receive an amount of $500. This will be dialed down to $100 a year till the threshold of $2000 is reached. It gives your plan an extra boost and helps you accumulate more money quickly.
  3. Tax Benefits – An RESP essentially grows tax-free. Every contribution you make will be deductible until your child starts withdrawing them. These are still beneficial, because as a student, he will be taxed very little. Due to no income or less income. And what’s more, money from the grant is not taxable at all until your child is pursuing their education

How can you get an RESP?

 To get an RESP and make use of all that free money that the government is offering, you can simply connect with an Harpreet Puri insurance expert. They will run you through the many benefits of the plan while connecting and guide you towards more such grants depending on your family’s income and financial chart.

An RESP is a great way to secure your child’s future. And the added grants and benefits make it even more lucrative. Getting more money is never a bad thing, especially when its tax-free while it grows!

Secure your child’s future. Invest in an RESP today.